UK Infrastructure Investment Is Falling Behind

The UK has only been able to replace a third of public investment – and just an eighth of infrastructure investment – since leaving the European Union (EU), a think tank has warned. EU funding of £146bn over 46 years had supported crucial infrastructure schemes such as the Channel Tunnel, the Thames Tideway Tunnel and London Underground upgrades. After voting to leave the EU in 2016, the UK lost access to the European Investment Bank (EIB) which had supplied the cash, opting to create four new domestic development banks. But the…

Read more at: https://oilprice.com/Finance/the-Economy/UK-Infrastructure-Investment-Is-Falling-Behind.html

Yen’s Dramatic Slide Triggers Unexpected Gold Rush In Japan

A gold-buying frenzy in hyperinflating banana-republic basket cases such as Venezuela, Zimbabwe, Argentina or Turkey makes sense; one can also imagine Indians and Chinese liquidating rushing to buy the precious metal, as they periodically do (for other, not less relevant, reasons). But Japan? That’s right: the otherwise quiet (and rapidly aging) population of Japan has found a new infatuation with gold, and it has the relentless money-printing juggernaut that is the BOJ to thank for it. As the FT reports, the price of gold in Japan (denominated…

Read more at: https://oilprice.com/Metals/Gold/Yens-Dramatic-Slide-Triggers-Unexpected-Gold-Rush-In-Japan.html

U.S. Drilling Activity Ticks Up As Oil Prices Rise

The total number of active drilling rigs in the United States rose by 9 this week, according to new data from Baker Hughes published Friday. The total rig count rebounded to 641 this week. So far this year, Baker Hughes has estimated a loss of 138 active drilling rigs. This week’s count is 434 fewer rigs than the rig count at the beginning of 2019 prior to the pandemic. The number of oil rigs rose by 2 this week to 515, down by 106 so far in 2023. The number of gas rigs rose by 8 this week to 121, a loss of 35 active gas rigs from the start…

Read more at: https://oilprice.com/Energy/Energy-General/US-Drilling-Activity-Ticks-Up-As-Oil-Prices-Rise.html

Turkey And Russia Restart Talks On Gas Hub

Turkey and Russia have re-launched discussions to set up a regional hub for natural gas trading, but current disagreements about trading platforms and who should be in charge could delay the potential launch. In October last year, Recep Tayyip Erdogan and Russia’s Vladimir Putin agreed to set up a natural gas hub in Turkey, the Turkish president said. “And in his own words, Putin announced to the world that ‘Europe can get its natural gas from Türkiye’,” Erdogan was quoted as saying back then. A week earlier,…

Read more at: https://oilprice.com/Energy/Natural-Gas/Turkey-And-Russia-Restart-Talks-On-Gas-Hub.html

Biden Administration’s Offshore Wind Plan Plagued By Soaring Costs

The Biden Administration’s target to have 30 gigawatts (GW) of offshore wind by 2030 may not be feasible, analysts and industry professionals have told Reuters, as costs are rising and making projects more expensive than initially planned.  The Biden Administration targets to build 30 GW of offshore wind by 2030 as part of a plan to decarbonize the grid. However, interest rates, cost inflation, and supply-chain issues are making projects more expensive, while the industry wants less stringent requirements for subsidies…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Biden-Administrations-Offshore-Wind-Plan-Plagued-By-Soaring-Costs.html

Gas Markets Stabilize As Freeport LNG Roars Back To Full Power

Freeport LNG—the second largest liquefaction facility in the United States—is said to have returned to nearly full power on Friday after experiencing disruptions for the last week.  The last week saw Freeport LNG take in less feedgas than normal, averaging as little as 0.3 Bcf/d over the last few days, compared to 1.8 Bcf/d last week. Freeport LNG canceled cargoes as a result of the slowdown, which it declined to comment on to media.  Freeport LNG accounts for 20% of all US LNG imports.  Industry analysts suspected that…

Read more at: https://oilprice.com/Energy/Natural-Gas/Gas-Markets-Stabilize-As-Freeport-LNG-Roars-Back-To-Full-Power.html

Libya’s Oil Ports Are Operating Normally Despite Deadly Storm

Libya’s deadly flood that is estimated to have killed more than 11,000 people with thousands more missing hasn’t harmed oil export terminals in the African OPEC member and ports are operating normally, the head of Libya’s state oil firm told Bloomberg in an interview published on Friday. The oil export terminals in eastern Libya continue to operate under normal conditions, Farhat Bengdara, the chairman of Libya’s National Oil Corporation (NOC), told Bloomberg.   Amos Hochstein, the senior advisor to U.S. President Joe…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Libyas-Oil-Ports-Are-Operating-Normally-Despite-Deadly-Storm.html

Historic Strike Hits Big Three Automakers Hard

For the first time in history that the 146,000-member union has simultaneously gone on strike against Ford, General Motors(GM) and Stellantis, according to Reuters. “Tonight, for the first time in our history, we will strike all three of the Big Three at once,” UAW President Shawn Fain says. UAW President Shawn Fain announced that the strike would begin on Friday at three plants: GM’s midsize truck and full-size van plant in Wentzville, Missouri; Ford’s Ranger midsize pickup and Bronco SUV plant in Wayne, Michigan; and Stellantis’…

Read more at: https://oilprice.com/Energy/Energy-General/Historic-Strike-Hits-Big-Three-Automakers-Hard.html

Belarus Ready To Boost Fuel Supply To Russia

Belarus has recently shipped diesel and gasoline to Russia, as requested by Moscow, and is ready to further increase supplies if needed, Belarusian President Alexander Lukashenko, a close ally of Putin, said while on a visit to Russia on Friday. Belarus has supplied 60,000 tons of diesel and gasoline each to Russia, Russian news agency Interfax quoted Lukashenko as saying. The Belarusian president is one of the very few allies Putin has left after the Russian invasion of Ukraine. There are diesel shortages in parts of Russia and the country is…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Belarus-Ready-To-Boost-Fuel-Supply-To-Russia.html

An Apparently Unstoppable Oil Price Rally

There appears to be no end in sight for the current oil price rally or for the bullish catalysts driving it as tightening supply combines with the apparent return of Chinese demand growth.Friday, September 15th, 2023The bull run in oil prices continued this week, greatly buoyed by a string of positive macroeconomic data in China where both manufacturing output and retail sales grew 4.5-4.6% year-on-year, palpably surpassing analysts’ expectations. With Chinese refinery runs reaching an all-time high in August at 15.23 million b/d, China…

Read more at: https://oilprice.com/Energy/Energy-General/An-Apparently-Unstoppable-Oil-Price-Rally.html

Global Crude Loadings Slump To The Lowest Level Since June 2022

Global loadings of crude and condensate plunged in August to the lowest level since June 2022, led by a slump in Saudi Arabia’s cargo loadings, Vortexa said in a note this week.   Global supply is tightening, while China’s crude imports are recovering, according to Vortexa.   “This combination of tighter supply and rising demand is likely to continue through to the end of this year and support pricing, especially given the recent extension to voluntary Saudi production cuts amid a general pick up in global refinery…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Global-Crude-Loadings-Slump-To-The-Lowest-Level-Since-June-2022.html

New Sanctions Heighten Tensions Between Turkey And The U.S.

Markets & Geopolitics While production was unaffected when Storm Daniel out of the Mediterranean hit land in eastern Libya, the country’s key oil export terminals were all temporarily closed last weekend amid a state of emergency. Though reopened by Tuesday and Wednesday, the closures helped put upward pressure on oil prices in combination with OPEC+ voluntary production cut extensions and indications of tighter supply and excess demand for the fourth quarter of this year. Storm Daniel wreaked havoc on the eastern port city of Derna,…

Read more at: https://oilprice.com/Energy/Energy-General/New-Sanctions-Heighten-Tensions-Between-Turkey-And-The-US.html

A Look At Warren Buffett’s Favorite Oil Stock

It is no secret that Warren Buffet, or more accurately his holding company, Berkshire Hathaway (BRKA: BRKB), has been amassing a significant stake in Occidental Petroleum (OXY). Their stake is big enough to be subject to disclosure requirements, so it is public knowledge that they now own around a quarter of the company. Buffet has said, though, that they are not going to take outright control of OXY. That suggests that a major impetus for the stock’s rise is about to go away, but that doesn’t mean that those who hold it should sell,…

Read more at: https://oilprice.com/Energy/Energy-General/A-Look-At-Warren-Buffetts-Favorite-Oil-Stock.html

The Oil Price Rally Is Fueling Inflation Concerns

U.S. crude oil prices have surged past $90 a barrel, triggering worries about accelerating inflation and its potential impact on an economy already grappling with the Federal Reserve’s aggressive interest rate hikes. Surge in Oil Prices The recent rise in U.S. West Texas Intermediate crude (WTI) for October delivery, settling at $90.16, marked the first close above $90 since November 2022. This spike comes amidst traders’ expectations that oil supplies will remain constricted for the foreseeable future. The pressure of high oil prices is…

Read more at: https://oilprice.com/Energy/Energy-General/The-Oil-Price-Rally-Is-Fueling-Inflation-Concerns.html

Venezuela Remains The Oil Market’s Biggest Known Unknown

1. Despite Lower Gas Prices, Europe’s Industrial Gas Demand Just Not Enough- Europe’s industry gas demand is set to remain 20% below 2021 levels this year despite much lower natural gas prices and relatively ample LNG imports, raising the risks of deindustrialization in the continent’s industrial heartland. – An 8-10% decline in production for Europe’s chemicals industry is the largest decremental factor in absolute terms, with Germany struggling to kickstart its manufacturing performance – factory orders have recorded…

Read more at: https://oilprice.com/Energy/Energy-General/Venezuela-Remains-The-Oil-Markets-Biggest-Known-Unknown.html

UAW strike brings blue-collar vs. billionaire battle to Detroit

The United Auto Workers strike is bringing a blue-collar versus billionaire battle to Detroit, just as UAW President Shawn Fain wanted.

Read more at: https://www.cnbc.com/2023/09/15/uaw-strike-brings-blue-collar-vs-billionaire-battle-bernie-sanders-to-detroit.html

Planet Fitness shares sink after board ousts CEO in shocking move

CEO Chris Rondeau has been been with Planet Fitness for more than three decades.

Read more at: https://www.cnbc.com/2023/09/15/planet-fitness-shares-sink-after-board-ousts-ceo.html

McDonald’s franchisee group says new California fast-food bill will cause ‘devastating financial blow’

The California fast-food bill will raise the minimum wage for many California workers at fast-food chains to $20 an hour starting April 1.

Read more at: https://www.cnbc.com/2023/09/15/mcdonalds-advocacy-group-criticizes-new-california-fast-food-bill.html

Dow sheds nearly 300 points Friday, S&P 500 and Nasdaq suffer second straight week of losses: Live updates

Investors are wrapping up a volatile week ahead of the Federal Reserve’s September policy meeting.

Read more at: https://www.cnbc.com/2023/09/14/stock-futures-today-live-updates.html

Student loan payments will resume. That could dent this food delivery stock, MoffettNathanson says

Food delivery is a luxury and borrowers’ budgets are about to be strained, according to the firm.

Read more at: https://www.cnbc.com/2023/09/15/student-loan-payments-will-resume-dash-could-take-a-hit-says-moffettnathanson.html

Sequoia and Andreessen get hosed on their 2021 Instacart investment, after a 75% plunge in valuation

Venture firms Sequoia and Andreessen Horowitz invested $50 million each in Instacart at the tech market’s peak in 2021

Read more at: https://www.cnbc.com/2023/09/15/sequoia-and-andreessen-get-hosed-on-their-2021-instacart-investment.html

Senators ask Pentagon for answers on SpaceX’s Starlink service in Ukraine

Their questions follow the publication of a biography of Elon Musk with an anecdote suggesting SpaceX disconnected Starlink service before a Ukrainian attack.

Read more at: https://www.cnbc.com/2023/09/15/spacex-starlink-service-in-ukraine-subject-of-senate-letter.html

Instacart aims for valuation of up to $10 billion in upcoming IPO

Grocery delivery platform Instacart raised its initial price range to between $28 and $30 per share in a regulatory filing Friday.

Read more at: https://www.cnbc.com/2023/09/15/instacart-aims-for-valuation-of-up-to-10-billion-in-upcoming-ipo.html

Trump bemoans high interest rates and indicates he might pressure Fed to lower

Trump indicated that if he gets another term, he might pressure Federal Reserve Chair Jerome Powell to loosen monetary policy.

Read more at: https://www.cnbc.com/2023/09/15/trump-bemoans-high-interest-rates-and-indicates-he-might-pressure-fed-to-lower.html

The meme stock mania is now a movie. Here’s what has happened to GameStop and AMC

Here’s how far the stocks have fallen since the meme stock moment shown in the new movie “Dumb Money.”

Read more at: https://www.cnbc.com/2023/09/15/heres-where-amc-and-gamestop-are-now-as-dumb-money-hits-theaters.html

Why Stellantis could face a longer strike than Ford or GM

Stellantis has a need that GM and Ford don’t – and there are signs that it has been preparing for a protracted battle with the UAW.

Read more at: https://www.cnbc.com/2023/09/15/stellantis-could-face-longer-uaw-strike-than-ford-gm.html

What the UAW strike means for the big auto stocks, according to top analysts

Morgan Stanley and Citi cited the United Auto Workers strike on the “Detroit Three” automakers as a promising entry point for investors.

Read more at: https://www.cnbc.com/2023/09/15/what-the-uaw-strike-means-for-the-big-auto-stocks-according-to-top-analysts.html

Costco’s iconic $1.50 hot dog combo is now an official Monopoly game piece

The set retails for $44.99 on the Costco website, or $39.99 if you buy it at a warehouse.

Read more at: https://www.cnbc.com/2023/09/15/costco-iconic-hot-dog-combo-is-now-an-official-monopoly-game-piece.html

Uranium Prices Hit A 12-Year High

By Charles Kennedy of Oilprice.com

The price of yellowcake – uranium concentrate used in nuclear generation – has surged to the highest level in 12 years as nuclear once again becomes a desirable form of energy generation.

The FT reports that yellowcake prices have gained 12% over the past month alone, hitting $65.50 per pound, which is the highest since 2011, before the Fukushima disaster.

The price rise is driven by a change in sentiment towards nuclear as governments realize wind and solar can’t do the job on their own because the grid needs dispatchable electricity.

“You have a focus on energy security colliding with a focus on clean energy,” the CFO of Cameco, the second-largest uranium producer in the world, told the FT.

The uranium market has been depressed since the Fukushima d …

Read more at: https://www.zerohedge.com/energy/uranium-prices-hit-12-year-high

“Not A Good Decision For Young People” – Florida Surgeon-General Snubs FDA ‘COVID Boosters-For-All’ Guidance

Uttering words that would have seen you excommunicated from ‘good’ society, ostracized to an island of racists, bigots, and vaccine-deniers; Florida Surgeon General Dr. Joseph Ladapo said in a statement that the vaccines “are not backed by clinical evidence, but blind faith alone with ZERO regard for widespread immunity.”

In guidance (pdf) to patients and doctors, the Florida Department of Health added:

“Based on the high rate of global immunity and currently available data, the state surgeon general recommends against the COVID-19 booster for individuals under 65. Individuals 65 and older should discuss this information with their health care provider, including potential concerns outlined in this guidance.”

This directly contradicts guidance from The White House (everyone ge …

Read more at: https://www.zerohedge.com/medical/not-good-decision-young-people-florida-surgeon-general-snubs-fda-covid-boosters-all

Orwell Meets Your Stuffy Nose

Authored by Jeffrey Tucker via The Brownstone Institute,

“Experts have long doubted the effectiveness of phenylephrine,” which is a common ingredient in DayQuil, NyQuil, Sudafed, Mucinex, and others.

This was National Public Radio this morning.

It reminds me of Orwell: Oceania has always been at war with Eastasia.

They are telling us this 16 years after the FDA forced the ingredient as the substitute for a product that actually works, which is pseudoephedrine.

To get the product with pseudoephedrine requires that you ask for it. It is kept behind the counter. Then you have to use your drivers’ license and there are restrictions on how many you can buy. If you go to multiple drug stores, you will be caught and possibly brought up on criminal charges. This has been going on for years now.

Read more at: https://www.zerohedge.com/medical/orwell-meets-your-stuffy-nose

“Close The Freaking Border!” – Angry New Yorkers Shout-Down AOC & Nadler Over Immigrant Crisis

Ideology is coming face to face with reality and it’s making a lot of liberal-identifying Americans very uncomfortable.

The dissonance is cognitively challenging between a crisis of illegal immigration caused by seemingly open borders smashing into the ugly images of sanctuary cities inundated with non-tax-paying working-age-males from around the world all demanding what they have been promised: free shelter, free healthcare, accelerated work visas, and free education.

Nowhere is that total divide between real people and the ‘people’ of Washington more evident than on the streets of New York City today as Democratic reps AOC and Jerry Nadler tried to explain how “diversity is our strength”, how this could all be solved if we just give these illegal immigrants jobs and shelter; oh, and it’s all the Republicans fault that 1000s are sleeping on the streets.

Their carefully-crafted narratives were lost on the group of New-Yorkers who drow …

Read more at: https://www.zerohedge.com/political/close-freaking-border-angry-new-yorkers-shout-down-aoc-nadler-over-immigrant-crisis

Train drivers announce two more strike days

The Aslef union announces its latest industrial action in the long-running row over pay and conditions.

Read more at: https://www.bbc.co.uk/news/business-66817630?at_medium=RSS&at_campaign=KARANGA

Tata Steel: Port Talbot steelworks gets £500m by UK government

The deal between Port Talbot’s steelworks and UK government will aim to reduce emissions.

Read more at: https://www.bbc.co.uk/news/uk-wales-66819458?at_medium=RSS&at_campaign=KARANGA

Marks & Spencer scraps plastic for paper bags

Marks & Spencer said the move should cut plastics use.

Read more at: https://www.bbc.co.uk/news/business-66822492?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty could be in overbought zone after scaling new peak. What traders should do next week

The short-term trend of Nifty continues to be positive but given the recent run-up, traders should be prepared for correction

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-could-be-in-overbought-zone-after-scaling-new-peak-what-traders-should-do-next-week/articleshow/103692261.cms

Coffee Day revenues jump 59% to Rs 924 crore in 2022-23, debt drops

Cafe market witnessing healthy growth in urban areas, says chairman Ranganath

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/coffee-day-revenues-jump-59-to-rs-924-crore-in-2022-23-debt-drops/articleshow/103696250.cms

41 multibaggers, 80% win rate! SME IPOs spreading FOMO among bluechip warriors

Out of the 105 SME IPOs that got listed on Dalal Street so far in the calendar year 2023, a majority 84 have given positive returns. This translates into a win rate of 80%, which means four out of every five SME IPOs made money.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/41-multibaggers-80-win-rate-sme-ipos-spreading-fomo-among-bluechip-warriors/articleshow/103682607.cms

Futures Movers: Oil futures mark a new high for the year, up a third straight week

Oil futures on Friday mark new highs for the year, up a third week in a row.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7264-3252CFCDCC6A%7D&siteid=rss&rss=1

Commodities Corner: Consumers take notice as inflation bites and oil prices top $90 a barrel

U.S. benchmark oil has climbed to its highest prices of the year, topping $90 a barrel, with costs for diesel reaching their highest in months as U.S. inflation continues to rise — and consumers are starting to take notice.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7265-5CDC30A9DA8D%7D&siteid=rss&rss=1

Chip-equipment stocks drop following reported TSMC setback, but analysts see buying opportunity

Chip-equipment supplier shares fell Friday following a report that TSMC was delaying deliveries to its under-construction facility in Arizona.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7265-04422BF49917%7D&siteid=rss&rss=1